Research On The Influence Of Insurance Technology On The Operating Efficiency Of Life Insurance Companies And Its Transmission Mechanism

As an important part of modern market economy,life insurance industry not only affects China’s economic construction,but also plays an important role in social security.As insurance technology has become a new bright spot in the field of Finance and insurance,insurance technology has not only significantly changed the traditional business pattern,but also provided new ideas for life insurance companies to solve the problems of single marketing means,high sales cost and great difficulty in claims settlement.However,whether the development of insurance technology really contributes to the operation and development of China’s life insurance companies and the underlying mechanism should also be the focus of life insurance companies.Therefore,it is of great significance to study whether the development of insurance technology has an impact on the operating efficiency of life insurance companies and to clarify the path based on which insurance technology affects the operating efficiency of life insurance companies.Firstly,this paper reviews the relevant literature at home and abroad,introduces and summarizes the concepts of insurance science and technology,business efficiency and the development process of insurance science and technology,and expounds the relevant theoretical basis.Secondly,with the help of innovation economics,foreign disadvantage and other relevant theories,this paper analyzes the impact of insurance technology on the operating efficiency of life insurance companies and the corresponding transmission mechanism,and puts forward the research hypothesis.On this basis,using the relevant data of 53 life insurance companies from2015 to 2019,this paper constructs DEA-Tobit model and intermediary effect model for empirical test.The experimental results show that Insurance technology helps to significantly improve the operating efficiency of life insurance companies;At the same time,among Chinese life insurance companies,insurance technology plays a more significant role in improving efficiency;Insurance technology can affect the operating efficiency of life insurance companies through handling fees and commission expenses,compensation expenses and investment income transmission channels.Finally,according to the empirical results,this paper puts forward relevant policy suggestions: Encourage relevant entities to deepen cooperation and accelerate the application and promotion of life insurance technology;Actively break the technical cooperation barriers brought by the "alien identity" and smoothly integrate into the domestic insurance science and technology ecosystem;Deepen the integration of science and technology and life insurance business,and constantly optimize business processes.